Cost of Living quick-and-dirty Calculator
We assume you have a house and you consider selling it and investing the money, say $300,000, in some "safe" investment at, maybe, 5%.
You're considering renting instead of owning.
A condo requires no maintenance ... and that's just fine with you, if you can afford it
You'll have your normal take-home / after-tax salary (from whatever sources) PLUS income from the sale of your house.
You ask yourself:
- Should I rent the condo, knowing that the income from that $300,000 will help pay the rent?
- What percentage of my after-tax income will my expenses be?
- If I keep the house (so I don't have that $300K to invest), what's that percentage?
- Anybuddy got an envelope so I can do back-of-the-envelope calculations?
Here's your envelope:
There's a more sophisticated calculator spreadsheet here.